"Once the Xbox One and Xbox 360 system updates become available in June, Xbox Live Gold members who purchased a paid membership before that day can cancel and receive a pro-rata refund of any unused remaining days between the date of cancellation and the date their paid Gold membership ends," Microsoft said. "Cancellation and pro-rata refund requests must be made by August 31, 2014 and require six to eight weeks for processing."

To request a pro-rata refund, you need to visit this support page after the system update goes live sometime next month.

Of course, you'll still need an Xbox Live Gold subscription to play games online or to take part in programs like Games with Gold. What's more, unlike the Xbox 360 version of Games with Gold, for Xbox One, you'll need to have an active subscription active to keep the games. This setup is similar to Sony's PlayStation Plus offering.